August 1, 2016 / 3:00 PM / 4 years ago

Trina Solar accepts $1.1 billion go-private offer from investor group

(Reuters) - Chinese solar panel maker Trina Solar Ltd TSL.N said on Monday it would be taken private in a deal valuing it at about $1.1 billion, accepting an offer from a consortium including its chief executive nearly eight months after it was made.

The consortium also includes Shanghai Xingsheng Equity Investment & Management Co Ltd, Shanghai Xingjing Investment Management Co Ltd and two other entities, Trina Solar said.

The consortium had on Dec. 12 made its proposal that valued Trina Solar at $11.60 per American Depositary share, or at more than $980 million at the time.

The per-share offer price, which remained unchanged, represents a premium of 21.5 percent to the stock’s closing price on Dec. 11, a day before the proposal was made. It represents a premium of 40.6 percent to the stock’s Friday close.

Trina shares were up nearly 27 percent at $10.45 on Monday. Up to Friday’s close, the stock had fallen nearly 14 percent since the proposal was made.

Gao and his affiliates, who collectively control about 5.5 percent of the voting rights attached to the outstanding shares, have agreed to vote in favor of the deal, Trina Solar said.

It was not immediately clear how many of the outstanding shares the consortium owns.

The deal, which requires approval by at least two-thirds of the owners of Trina Solar’s voting shares, is expected to close during the first quarter of 2017, the company said.

Citigroup Global Markets Inc is the financial adviser to Trina Solar’s special committee, and Kirkland & Ellis is its U.S. legal counsel.

Duff & Phelps LLC is the consortium’s financial adviser, and Skadden, Arps, Slate, Meagher & Flom LLP is its U.S. legal counsel.

Reporting by Ankur Banerjee in Bengaluru; Editing by Savio D'Souza

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